Step 1 :First, we need to understand the meaning of the question. The question asks us to sketch the graphs of two functions, $y=2^{x}$ and $y=\left(\frac{1}{2}\right)^{x}$, and identify which one represents exponential growth and which one represents exponential decay.
Step 2 :To sketch the graphs, we need to complete the table of values. We can choose a range of $x$ values and calculate the corresponding $y$ values for each function.
Step 3 :For the function $y=2^{x}$, when $x$ is -2, -1, 0, 1, 2, the corresponding $y$ values are $\frac{1}{4}$, $\frac{1}{2}$, 1, 2, 4 respectively.
Step 4 :For the function $y=\left(\frac{1}{2}\right)^{x}$, when $x$ is -2, -1, 0, 1, 2, the corresponding $y$ values are 4, 2, 1, $\frac{1}{2}$, $\frac{1}{4}$ respectively.
Step 5 :Next, we plot these points on the graph and draw the curves of the two functions.
Step 6 :From the graphs, we can see that the function $y=2^{x}$ is increasing as $x$ increases, which means it represents exponential growth.
Step 7 :Conversely, the function $y=\left(\frac{1}{2}\right)^{x}$ is decreasing as $x$ increases, which means it represents exponential decay.
Step 8 :Finally, we check our results. The graphs correctly represent the functions and correctly identify which function represents exponential growth and which represents exponential decay.